Bank 1 Oslo will sue accounting giant KPMG and state authorized accountant John Haukland for NOK 337 (USD 50.5) million for their role in the Finance Credit scandal. This brings the total suits against KPMG to NOK 762 million and still counting.
KPMG is covered by global insurance and their Norwegian head Arne Frogner has previously said he does not believe a billion-crown settlement would topple the company here.
Bank 1 Oslo is the fourth bank to sue KPMG, joining SpareBank 1 SR-Bank, SpareBank 1 Midt-Norge and SpareBank 1 Vest. All base their case on the claim that the annual statements for Finance Credit for 1999 and 2000 contained substantial errors that should have been discovered by KPMG if they had done their job properly.
